Alabama License LawIntermediateAlabama Exam
A listing broker is reviewing an offer that is clearly below market value. The broker should:
AReject it on the seller's behalf without presenting it, in general
BPresent all offers to the seller and let the seller decideCorrect
CCounter the offer on the seller's behalf
DWait until the seller asks about offers
Why Present all offers to the seller and let the seller decide Is Correct
Answer B: Present all offers to the seller and let the seller decide
A listing broker is required to present all written offers to the seller promptly, regardless of price or terms, unless the seller has given written instructions otherwise.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
State-Specific Concepts
License Law
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